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Economics (923)
ECN 204 (282)
Chapter 4

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Department
Economics
Course
ECN 204
Professor
Christos Shiamptanis
Semester
Winter

Description
Chapter 4 The Market Forces of Supply and Demand Markets and Competition supply and demandbehaviour of ppl as they interact with one another in mkts What is a Marketmarketgroup of buyers and sellers of a particular good service o buyers determine demand o sellers determine supply What is Competitionprice and quantity are determined by all buyers and seller as they interact in the mktplacecompetitive mktso many buyers and so many sellers that each has a negligible impact on the mkt priceperfectly competitiveeasiest to analyze bc everyone participating in the mkt takes the price as given by mkt conditions 1 goods offered fir sake are all exactly the same 2 buyer and seller are so numerous that no single buyer seller has any influ over the mkt priceprice takersperfectly competitive mkt must accept the price mkt determinemonopolyonly one seller and this seller sets the price Demand The Demand Curve The Relationship betweenPrice and Quantity Demandedquanti
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